EquityPandit’s Outlook for Cipla for the week (February 01, 2016 – February 05, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 0.50%.

As we have mentioned last week that support for the stock lies in the zone of 580 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 540. During the week the stock manages to hit a low of 572 and close the week around the levels of 585.

Stock has closed around the support zone of 580 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 540.

Minor resistance for the stock lies in the zone of 600 from where the stock has broken down from the short term bottom. Resistance for the stock lies in the zone of 620 where long term trend-line support for the stock is lying. If the stock closes below this levels then the stock move to the levels of 645 to 650 where short term moving averages are lying.

Broad range for the stock is seen in the range of 560 – 565 on downside to 600 – 605 on upside.